Does anyone have some good advice on where I could put my money prior to purchasing a positively geared property*. Every time I’m thinking of making a purchase, I always seem to get caught out by having my funds tied up in “fixed term” bank deposits. Also, I don’t want to put this money into an “at call” account because the interest rates are so poor. My strategy is to get a relatively conservative 50% 50% loan ratio to enable me to get a reasonable cash flow from my investment. Hence – the monies I’m talking about are reasonably large and over a short period of time – 1% or 2% make a considerable difference.
Any assistance in this regard would be kindly appreciated.
P.S. *I know that a few investors may have some novel ideas which may include transferring my money into their personal bank account but at this stage in my life – I’d like to decline from taking up your kind offer – Thanks anyway. [] []
HI Terry
I tried to find my way around the ING website. I was looking for a high interest rate to put some funds into in my kids names. They received some cash from their Granny and it needs to be put in a guaranteed investment.
I couldn’t find anything that resembled what you quoted. Help!!
Look at a magazine like MONEY and they have funds
that have 7% to 8% with no exit fees etc.
but for online banking go for a credit union, AMP,
or StGeorge DragonDirect.
and also put the funds in the name of a kid or
someone who earns the least (for tax purposes)
You may also like to look at the Lutheran Laypeoples League of Australia. It works just like a Credit Union account, albeit no fees at all. They even do cheques for you (FREE)and have a great interest rate. http://www.lll.org.au.
All transactions can be done over the www. If you have cash it can be deposited at any of the big 4 banks all over Oz.